By Farhad Azizi, CEO of Azizi Developments
Dubai’s property market continues its upward trajectory, with the high-end luxury segment emerging as a driving force behind the city’s real estate success. This trend reflects a paradigm shift in the preferences of high-net-worth individuals seeking more than just a residence, but an unparalleled lifestyle.
Dubai offers a unique value proposition. For luxury homes exceeding $30 million in value, Dubai boasts an average value for space of $1,700 per square foot, a noteworthy contrast to major global cities like New York or London, where the average price per square foot for such units exceeds $2,000. This emphasizes that buyers in Dubai are investing in the broader Dubai brand – its vision, potential, and ambition.
Despite challenging macroeconomic conditions worldwide, Dubai’s luxury real estate market has shown remarkable resilience and success. These home prices surged by nearly 50% in the year leading up to June, securing the city’s position at the top of global rankings for the eighth consecutive quarter, as reported by Knight Frank. This sustained growth is partly due to the relatively affordable prices of luxury homes, which stand at around $850 per square foot — a figure that underscores Dubai’s competitive edge. Additionally, proactive governmental initiatives have been instrumental in this ascent, positioning Dubai as one of the most accessible luxury home markets in the world.
The allure of Dubai extends beyond real estate prices; it harmoniously merges tradition and modernity, emphasizing safety, opulence, and convenience amidst the striking contrast of towering skyscrapers against pristine beaches.
In this landscape, the surge in demand for luxury real estate stands out, propelled by the growing population of high-net-worth individuals reshaping the supply and demand dynamics. Often, these groups have European sensibilities and their desire is to find the best of the continent in this Gulf oasis. That is the draw of Azizi Venice.
Capturing the essence of Venetian grandeur, Azizi Venice is meticulously crafted to emulate the intricate beauty and architectural nuances of its Italian namesake. Nestled within burgeoning Dubai South, this enclave promises a blend of high-end living with the charm of Euro aesthetics. It’s a residence that celebrates culture and refinement that appeals to those seeking a certain familiarity.
Azizi Venice’s waterfront lifestyle community has emerged with all of that in mind. Spread over 24 million square feet, it will feature a crystal-blue water lagoon, and Dubai’s second opera, among other unique amenities.
The approximately 30-billion-dirham mixed-use development will comprise over 30,000 residential units, including luxury villas, condominiums, and mansions. The turquoise waters frame beach-like shores, an 8-kilometre-long cycling and jogging track, yoga and sports facilities, and a promenade with artisan eateries and boutiques, all complemented by lush, dense greenery.
At the heart of Azizi Venice lies its air-conditioned boulevard, a vibrant artery that comes alive with the change of seasons. During the cooler months, the boulevard remains open-air, inviting in the gentle winter breeze, while the hotter summer months see it transformed under a glass canopy, offering a cool, temperature-controlled retreat. This ingenious design sets the stage for year-round activity, with three-story buildings that house premier retail outlets, global dining experiences, and a plethora of entertainment options. Additionally, the Azizi Opera, a masterpiece of contemporary architecture, enhances the boulevard’s charm. It stands as a cultural beacon set to attract over 30,000 visitors daily, poised to become one of Dubai’s eminent venues for high-end cultural and community events.
Azizi Venice’s luxury extends to its hospitality offerings, featuring two Azizi-owned and operated five-star hotels at entrances and a boutique hotel on an island in the lagoon. The meticulous planning includes many underground parking spaces, ensuring seamless access for all.
Dubai’s residential projects are not merely about lavish living spaces; they are about meeting a transformative lifestyle, blending top-tier desires, innovation, and cultural richness. As the city continues to be the next frontier, investors and residents are embracing unparalleled opportunities. Azizi Venice exemplifies this evolution with its Italo-inspired lifestyle, marking a pinnacle in luxury living beyond expectations.